Just like Bear Stearns,
the U.S. Federal government is rushing in to save
Freddie Mac and Frannie Mae before the both of them go
belly up over bad mortgages. I also noticed that CNN had
on their website a poll to see if readers thought that
the two companies should be bailed out. Overwhelmingly,
the majority of the readers thought that the two
companies should not be bailed out. I was amazed. What
do these people think will happen if two
semi-governmental agencies that hold trillions of
dollars in mortgages go bankrupt. Do they think the U.S.
economy will get better because of it?
I do not see where their
logic is coming from other than they are not being hurt
or helped so they do not want anyone else to be
helped... let them all hurt is their motto. These people have some
serious short-sightedness. Do they not see how related
all of this is to the overall U.S. and eventually the
world economy? They cannot live in their little world
much longer. All of this is coming due very shortly. No
one will be saved. There will be loss of jobs. There
will be higher interest rates. There will be tighter
credit. There will be less money. There will be...
harder times - much harder times.
I am here to say that I
for one see the Great Depression of the 21st Century
fast approaching us. While the U.S. government is taking
steps to avert it, their steps may not be quick or broad
enough. What is happening to the U.S. economy is no
small thing. This is not the Internet stock bubble of
the last century; and even though this is not yet
effecting every single person in America, it soon will.
The blame game people
need to get over themselves. Only those people who pull
together and help each other will make it through this.
Stick with your families. Stick with your churches.
Stick with your neighbors and friends. Things are going
to get a lot worse; but just remember, we are all in
this together whether you think you contributed to it or
not.
|
